The Elderly and Disabled Assistive Devices Market is an essential market that caters to the needs of senior citizens and people with disabilities. Assistive devices aid independent living and enhance mobility for people suffering from disabilities or reduced abilities due to aging. Some common assistive devices include mobility aids like walkers, wheelchairs, canes and mobility scooters. Other devices include medical furniture to help lift and transfer patients, hearing aids, vision & reading aids. The growing elderly population globally has triggered demand for such assistive solutions to improve their quality of life.
The Global Elderly and Disabled Assistive Devices Market is estimated to be valued at US$ 28.10 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 To 2031.
Increased life expectancy and rising cases of accidents and disabilities are the key factors driving the elderly and disabled assistive devices market. Additionally, supportive government policies for disability care and technological advancements are expected to present lucrative opportunities for market players in the coming years.
Key Takeaways
Key players operating in the Elderly and Disabled Assistive Devices are AI Squared, Drive Medical, GN Resound Group, Invacare, Nordic Capital, Pride Mobility Products Corporation, Siemens Ltd., Sonova Holding AG, Starkey hearing technologies, William Demant Holding A/S, GF Health Products, Inc., Magic Mobility Ltd., MEYRA GmbH, Audina Hearing Instruments, Inc., Handicare Group AB, Enabling Technologies.
The key opportunities in the Elderly And Disabled Assistive Devices Market Demand include development of smart and robotic assistive devices powered by IoT, AI and machine learning. Technological advances are being leveraged to develop assistive solutions that can be controlled remotely for increased mobility and accessibility. There is also a huge scope for assistive device solutions tailored for the Asian and African countries considering their large geriatric population.
Globally, companies are expanding their operations in high growth regions through strategic acquisitions and partnerships. For instance, Sonova acquired Sivantos Group to become a global leader in hearing care. Additionally, Drive DeVilbiss Healthcare acquired Enhaben to expand in Spanish and Portuguese markets. Such initiatives are allowing market players to offer customized solutions as per regional needs and strengthen their global footprint.
Market Drivers
Increased geriatric population worldwide: According to WHO, the global geriatric population aged above 65 years is expected to reach 1.5 billion by 2050 from 703 million in 2019. This will substantially increase the demand for assisted living technologies and home healthcare devices across regions.
Technological innovations: Continuous R&D is being undertaken by companies to develop smart and connected assistive devices with enhanced functionality. IoT integration, artificial intelligence, robotic process automation etc. are revolutionizing the segment.
Market Restrains
High cost of sophisticated assisted living technologies: Advanced innovative solutions incorporating cutting-edge technologies like AI, ML, virtual reality are highly expensive which may limit adoption.
Lack of reimbursement policies: Unavailability of insurance and reimbursement schemes especially in low and middle income nations restricts the affordability of such healthcare assistive devices. This acts as a major roadblock.
Segment Analysis
The Elderly And Disabled Assistive Devices Market is dominated by mobility devices sub segment. Mobility devices like wheelchairs, scooters aid elderly and disabled individuals to enhance their mobility. These devices enable independent movement and make everyday tasks easier. Rising geriatric population drives the demand for mobility devices as elderly people are more likely to face mobility issues due to age-related medical conditions. The mobility devices sub segment accounts for over 35% of the total market share due to high demand for wheelchairs and scooters.
The hearing aids sub segment is the second largest contributor. Age-related hearing loss is common and hearing aids help enhance hearing ability. Technological advancements have made hearing aids more effective and easier to use. Digital hearing aids with rechargeable batteries and smartphone connectivity see increased popularity. Premium hearing aids with advanced features gain market share.
Global Analysis
The North American region dominates the Elderly And Disabled Assistive Devices Market Regional Analysis with the US as the major revenue generator. Favorable government policies regarding Medicare and provisions for assistive devices drive market growth. Rising healthcare expenditure and presence of leading market players in the region boost market size.
The Asia Pacific region demonstrates the fastest growth and is expected to grow at over 9% CAGR during the forecast period. Factors such as rapidly growing geriatric population, improving healthcare infrastructure and increasing healthcare spending fuel regional market expansion. China, Japan and India emerge as high potential countries.
Rising life expectancy worldwide accelerates the number of elderly individuals requiring assistive devices. Growing disability rates and increased acceptance of assistive technologies also support market rise. However, limited insurance coverage restrains market potential in developing regions.
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About Author-
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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